News

AFI Europe Romania strengthens its position on the real estate market through new investments

AFI Europe Romania is one of the largest developers on the real estate market, its strong position being sustained by the complex commercial and office projects implemented in Romania. Besides the flagship projects developed in the last 14 years, AFI Europe Romania has recently entered the residential market and has various commercial and office undergoing projects throughout the country.

With every project, the company’s goal is to develop the area of the city surrounding it, triggering important positive economic and social changes. The journey of AFI Europe in Romania starts in 2005, when the group entered the local market. In 2009, AFI Europe Romania finished the construction of AFI Cotroceni, one of the biggest malls not only in Romania, but also in the CEE, proving amazing experiences to the visitors, besides shopping and food areas. The mall spreads over a leasable area of close to 90,000 square meters (GLA) and offers its visitors a large entertainment area with multiple leisure options and a variety of over 300 shops of local and international brands, visited by 50,000 customers per day.

In the last 14 years, AFI Europe Romania has developed major commercial and office buildings, having a strong portfolio and expertise on the real estate market. Based on this experience, but also on the know-how of the mother company, in 2018 AFI Europe Romania took a step forward and entered the residential market, starting the construction of AFI City, its first residential complex in Romania.

AFI City is situated in Bucurestii Noi neighborhood, in front of the metro station Laminorului. The first 2 buildings of the project, with 190 apartments and 228 parking spaces, will be finalized by the end of this year. The residential complex offers spacious green areas for the inhabitants and various facilities in the area, from shopping to leisure and entertainment. Also, a small commercial center will be integrated in the complex.

AFI City is one of the few residential projects with a “Green Home” pre-certification, offered by the independent organization Romanian Green Building Council. Besides the care for the environment and for separate collection of the waste generated by the construction site, this certification means that the apartments are energy efficient, which translates into lower costs for the owners. Also, the finishes of the apartments contain very low amounts of toxic compounds, compared to the usual ones, for the benefit of the health of the owners.

Another project currently under development is AFI Brasov, situated in the heart of Brasov city, which includes 45,000 sqm GLA shopping mall and two office buildings of 25,000 sqm GLA. Upon its completion, AFI Brasov will be a unique and modern shopping center, bringing together the perfect mix of shopping, entertainment and services. This will be the third major mall inaugurated by AFI Europe in Romania, after AFI Cotroceni and AFI Ploiesti.

AFI Ploiesti, the first and only modern shopping mall developed in the city center of Ploiesti, was inaugurated in October 2013, following an investment of over EUR 50 million. The shopping mall offers a total gross leasable area (GLA) of 34,000 square meters, spreading over two retail floors occupied by 100 national and international brands, including more than 7,000 square meters of entertainment.

AFI Europe Romania is also one of the most appreciated office buildings developers, having received numerous awards over the years. One of the most important projects of the company in this sector is AFI Park 1-5, an office project consisting of 5 Class A modern buildings..

Adjacent to AFI Cotroceni Mall, AFI Park offers 70,000 square meters of office leasable area occupied by multinational IT&C corporations like: Microchip Technology, Electronic Arts, Endava Romania, Cameron US, SII Romania, ORTEC Central & Eastern Europe, FotoNation, Telus International, Veeam Software and Dell SecureWorks.

The development in the office sector currently continues with AFI Tech Park Business Campus, the newest project of the company, a 56,000 square meters of GLA Class A Business Park located in proximity of J.W. Marriott Hotel and The Romanian Parliament. The business park will comprise of 2 low rise office buildings and one office tower, with ample green areas in a central garden, the project being built as a high tech campus style environment, to answer the expanding needs of IT&C companies in Romania by offering a suitable space in terms of technical specifications accompanied by required expansion options.

As a general approach that we have at AFI Europe Romania, we always seek to identify the best solutions for the needs of our customers, and this is something we have been focusing on in all our projects. AFI Tech Park office project will provide a modern office space and fulfill very specific and complex needs to companies, adjusted to their expectations”, says Doron Klein (photo), CEO AFI Europe Romania.

AFI Tech Park 1 was finalized in Q3 2018, with a total GLA of 22,000 square meters of Class A offices, the occupancy rate currently being over 80%. The company will soon start the works for AFI Tech Park 2.

“The next phase of the project will consist of 8 floors building, at the same high standards that our tenants are already used to. The works will be finalized probably at the end of 2020. We are very happy to be able to contribute to the development of this area, as we did in all of our projects”, added Doron Klein.

In addition, AFI Europe Romania has projects to be implemented in the future, such as the 80,000 sqm land plot in Arad, where a retail park is to be developed anchored by a hypermarket and a DIY shop.

The company’s investment plans will continue with a complex project on the land plot near AFI Cotroceni,

Also, in February 2019 AFI Europe Romania signed a non-binding Letter of Intent with Plaza Centers N.V. to take over its entire indirect shareholdings in the Casa Radio project, situated in central Bucharest. The total value of the offer is EUR 60 million.

Casa Radio is a landmark site in Bucharest and is in line with our expansion strategy.

Given the very early stages of this acquisition, we will provide updates on the purchase and any further plans as the process advances”, stated Doron Klein

AFI Europe is a subsidiary of AFI Properties, one of the leading real estate development, management and investment companies, operating in Central and Eastern Europe since 1997.

AFI Europe’s diversified portfolio consists of shopping malls and retail properties, business parks and large-scale residential and mixed-use developments. The group operates in Romania, Czech Republic, Poland, Germany, Bulgaria, Serbia, Hungary and Latvia.